Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. What we need to do today is to focus on the regulator, and this must be done in a manner so as not to impede their affordable housing mission, a mission that has seen innovation flourish from desktop underwriting to 100 percent loans. -- Congresswoman Maxine Waters (D-CA) in a September, 2003, hearing of the House Committee on Financial Services.
Oh yeah, and here is Barney Frank on the same topic:
Democrat Barney Frank (D-MA), who was the ranking Democratic committee member at the time (and is its chairman today), said, “I think it is clear that Fannie Mae and Freddie Mac are sufficiently secure so they are in no great danger… Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country.”
Guess Barney and Maxine are going to have to cry themselves to sleep if Obama loses. If not, maybe she'll just have to socialize oil companies.
Content Thanks to Human Events.
In Response To: Rubbing it in their face